Education loan startup eduvanz has raised $5 million investment led sequoia capital.
Education loan platform eduvanz financing pvt. Ltd has raised $five million (rs 37 crore) in its collection a round of investment led by means of task capital company sequoia capital. The capital could be used for geographical growth and the advent of new credit products, a sequoia launch said. Existing backer and early-level effect investor unitus ventures also participated in this spherical.
Mumbai-based totally eduvanz was launched by means of Varun Chopra, Raheel shah, and atul sashittal in September 2016. Chopra, who is the ceo, is an iit-madras alumnus and previously worked with Nomura and Deutsche financial institution. Shah, the chief business officer, is an iim-Ahmedabad alumnus and in advance worked with Accenture. Sashittal, the tech chief, has labored with monetary services organizations along with clsa and angel broking in the beyond.
Eduvanz gives loans to people to pursue any vocational degree or ability development direction at any institute either regarded or in partnership with the company. It has tie-America with extra than 80 institutes. The company has built a portfolio of rs 12 crore with a borrower base of over 1,000 students. It pursuits to construct an e book-length of extra than rs a hundred crore and increase throughout India over the next years.
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Eduvanz also pursuits to offer mortgage products on the way to cognizance on supporting monetary necessities for k-12 (kindergarten to twelfth grade) programs, online skill development guides, and professional courses. The startup had last yr secured $2 million from social-effect investment company unitus ventures and Michael & Susan dell foundation. For sequoia, eduvanz is its modern-day fintech funding. The funding firm has formerly invested in organizations such as Razorpay, MobiKwik, pine labs, and freecharge.
The schooling mortgage phase in the broader financial-generation area has visible a handful of deals within the current past. In December 2019, credence web technologies Pvt. Ltd, an education loans platform, had raised Rs 17. 8 crores in a seed funding spherical led by means of effect investor Omidyar network India
in July 2019, propelled, every other student-schooling financing platform had raised Rs 15 crore from early-level investors Stellaris challenge companions and India quotient, amongst others
